GBP/USD: technical analysis

The pair has a downward trend, which faced a support at 1.3878 and the price started a correction afterwards. There’s a “Flag” pattern, so it's likely to see a downward movement to a support area between the levels 1.3834 - 1.3681 until we've got any bullish reversal pattern. If so, the market might start rising towards a resistance area at 1.3931 – 1.3958.

There's a local downward trend on the one-hour chart. The price found a support at 1.3878 and a “Double Bottom” pattern has been formed. Moreover, here’s a “Pennant” pattern as well. It's likely that the pair will go higher to a resistance area between the levels 1.3958 – 1.4026. However, the price might go to a new downward movement afterwards to a support area under the level 1.3824.

Risk Disclosure: GuruTrade assumes no liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and forex signals. Operations in the international foreign exchange market contain high levels of risk. Forex trading may not be suitable for all investors. speculating only the money you can afford to lose. GuruTrade remind you that the data contained in this website is not necessarily real-time and may not be accurate. All stock prices, indexes, futures are indicative and not appropriate for trading. Thus, GuruTrade assumes no responsibility for any trading losses you might incur as a result of using this data. Version of the document in English is a defining and shall prevail in the event that there are discrepancies between the English and Russian languages. Seeking stocks, quotes, charts and forex? Take a look at the portal GuruTrade.com - the best directory of brokers and modern economic calendar for your service!